Petrol, diesel prices likely to rise by up to Rs11 from Feb 16

The outgoing caretaker government is expected to increase the prices of petroleum products by up to Rs11 from February 16 for the next fortnight, sources said on Thursday.

According to sources in the petroleum department, the prices of petrol are likely to inflate by Rs4 per litre and high-speed diesel (HSD) by Rs11 per litre. 

Reportedly, the expected hike is a result of an increase in the commodity in the global market for over 15 days.

According to the authorities, over 15-day petrol had gone up by about $1.20 per barrel to $89.9 from $88.7 per barrel while HSD prices surged by $3.5 to $98.4 per barrel from $101.82. 

In the last fortnight review on February 1, the interim government had increased the price of petrol and diesel by Rs13.55 and 2.75 per litre, respectively.

The current prices of petrol and diesel are Rs272.89 per litre and Rs278.96 per litre, respectively.

The Oil and Gas Regulatory Authority (Ogra) will announce the new prices on February 16 (tomorrow) after consulting with caretaker prime minister Anwar-ul-Haq Kakar.